Two recently-signed Montana bills are to reduce the state’s top income tax rate starting in 2022 before reducing the number of brackets to two starting in 2024.
The first of the two bills, S.B. 159, reduces the highest income tax rate to 6.75%, from 6.9%, starting Jan. 1, 2022.
However, the first measure ends Dec. 31, 2023, in favor of the second, S.B. 399, which replaces the current income tax brackets with two brackets with rates of 4.7% and 6.5%. S.B. 399 generally takes effect Jan. 1, 2024.
The threshold separating the brackets varies with filing status. The ...
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